Investment Rating - The report gives a "Recommend" rating to Shenzhou International (2313 HK) [189] Core Views - Shenzhou International is a global leader in knitted manufacturing with strong innovation R&D vertical integration and early globalization positioning it as a stable leader with upward growth potential [189] - The company is expected to achieve net profits of 5 701 6 530 and 7 410 billion yuan in 2024-2026 with year-on-year growth rates of 25 1% 14 5% and 13 5% respectively [189] - The PE ratios for 2024-2026 are 15x 13x and 12x respectively indicating a valuation advantage compared to peers [189] Financial Performance - In 2023 Shenzhou International achieved revenue of 24 970 million yuan a year-on-year decrease of 10 1% and net profit of 4 557 million yuan a year-on-year decrease of 0 1% [94] - The company's revenue is expected to grow to 27 980 31 172 and 34 399 million yuan in 2024-2026 with year-on-year growth rates of 12 1% 11 4% and 10 4% respectively [94] - The gross margin is expected to gradually increase to 28 4% 28 7% and 29 1% in 2024-2026 driven by improved capacity utilization and overseas expansion [186] Product and Market Analysis - Sportswear is the main driver of revenue growth with sales expected to reach 19 530 21 896 and 24 300 million yuan in 2024-2026 [16] - The European market showed growth with revenue increasing from 3 890 million yuan in 2019 to 5 027 million yuan in 2023 accounting for 20 13% of total revenue [96] - The company has diversified its customer base with major clients including Nike Uniqlo Adidas and Puma [30] Industry Trends - The global sportswear market is expected to grow from 1 92 trillion USD in 2024 to 2 35 trillion USD in 2028 with a CAGR of 4 20% [106] - The top five global sportswear brands (Nike Adidas Puma Skechers and Lululemon) accounted for 31 2% of the market in 2023 with Nike leading at 15 8% [105] - The global sportswear manufacturing market grew from 85 53 billion USD in 2009 to 158 26 billion USD in 2023 with a CAGR of 4 2% [171] Competitive Advantages - Shenzhou International has a strong R&D capability with 767 patent applications and 505 authorized patents by the end of 2022 [18] - The company has a vertical integration model that shortens production and delivery cycles making it highly favored by brand customers [19] - Shenzhou International has established dedicated factories for major clients like Nike Puma Adidas and Uniqlo ensuring independence and confidentiality in production [137] Future Outlook - The company is expected to benefit from the increasing concentration of suppliers to leading brands with Adidas and Nike reducing their number of manufacturing partners [146] - Shenzhou International has expanded its cooperation with new brands like FILA Lululemon and Lacoste which are expected to drive future growth [183] - The company is actively promoting automation and digitalization in its production processes to improve efficiency and reduce costs [166]

Investment Rating - The report maintains a "Buy" rating for Shenzhou International (02313 HK) [5][6] Core Views - Shenzhou International is expected to achieve 10%+ revenue growth in 2024 and 2025, driven by stable order growth and capacity expansion [5] - The company's gross margin is expected to continue improving in H2 2024, following a 6 6pct year-over-year increase to 29 0% in H1 2024 [2] - Net profit is projected to grow 27% in 2024, followed by 13% growth in both 2025 and 2026 [5] Revenue and Profit Analysis - H2 2024 revenue is estimated to grow 10%-20% year-over-year, with shipment volume expected to increase by 15%+ [2] - The company's gross margin improved significantly from 22 4% in H1 2023 to 29 0% in H1 2024 [2] - 2024 full-year revenue is expected to grow 10%+, with net profit projected to reach 5 8 billion yuan [5] Order and Customer Analysis - Major customers include Adidas, Uniqlo, Nike, and PUMA, with Adidas and Uniqlo expected to show strong order performance in 2025 [3] - In H1 2024, sales to top four customers accounted for 79% of total revenue, with Adidas sales growing 34% year-over-year [3] - Sportswear category accounted for 71% of H1 2024 sales, showing 8% year-over-year growth [3] Capacity and Production - The company is actively expanding overseas capacity, with Cambodia and Vietnam factories contributing 53% of total output in 2023 [4] - Cambodia's new garment factory reached its planned workforce of 18,000 employees in H1 2024 [4] - The company acquired a Vietnam factory to enhance fabric supply capabilities [4] Financial Projections - 2024-2026 net profit is projected to be 5 8 billion, 6 55 billion, and 7 39 billion yuan respectively [5] - The current price implies a 2025 PE ratio of 12x [5] - EPS is expected to grow from 3 04 yuan in 2024 to 4 91 yuan in 2026 [11] Industry Position - Shenzhou International is the world's largest vertically integrated garment manufacturer [5] - The company maintains strong partnerships with international brands and continues to enhance its competitive advantage through capacity expansion and efficiency improvements [5]

证券研究报告 纺织服饰 | 纺织制造 港股|首次覆盖报告 hyzqdatemark 2024 年 10 月 24 日 申洲国际(02313.HK) 证券分析师 全球运动服装制造龙头，深耕赛道客户资源优质。公司成立于 1988 年，早期以代工 日本中高端婴儿成衣起步，于 1997 年打入优衣库供应链条，此后于 2005 年开始加 强与耐克、阿迪合作，2016 年开启产能海外扩张。分品类看，公司主要代工运动服 装，营收占比常年维持于 70%左右；分市场看，海外市场营收占比持续增长至 24H1 的 71.3%，欧洲市场为主要增长驱动。 丁一 SAC：S1350524040003 dingyi@huayuanstock.com | --- | --- | |------------------------------------|-------------| | | | | 收盘价（港元） | 60.35 | | 一年内最高/最低（港 | 87.25/54.80 | | 元） | | | 总市值（百万港元） | 90719.47 | | 流通市值（百万港元） | 90719.47 | | 资产负债率（%） 资料来源： ...

申洲國際集團控股有限公司* 股份編號: 2313 � � 中 期 報 " 僅 供 鐵 別 目錄 公司資料 2 | --- | |--------------------------| | | | 二零二四年中期業績摘要 | | 管理層討論及分析 | | 中期簡明綜合損益表 | | 中期簡明綜合全面收益表 | | 中期簡明綜合財務狀況表 | | 中期簡明綜合權益變動表 | | 中期簡明綜合現金流量表 | | 中期簡明綜合財務報表附註 | | 其他資料 | 4 5 15 16 17 19 20 23 42 c 公司資料 | --- | --- | |-----------------------------------------------|-------------------------------| | | | | 註冊名稱 | 董事會主要委員會 | | Shenzhou International Group Holdings Limited | 審核委員會 | | 中文名稱 | 王飛絨女士 （主席） | | | 張炳生先生 | | 申洲國際集團控股有限公司 | 劉春紅女士 | | 董事會 | 劉興高先 ...

股价表现 2024 年 9 月 5 日 申洲国际（2313.HK） 毛利率超预期修复，海外产能持续扩张 事件：申洲国际公布 24H1 业绩表现，营收同比增长 12.2%，归母净利润同比增 长 37.8%，毛利率改善 6.6pp。随着海外产能的持续扩张和人效的持续提升，相 信公司将实现更亮眼的业绩表现。 报告摘要 收入持续增长，休闲类和内衣类产品需求较好。2024 年上半年，申洲实现营收 129.76 亿元，同比增长 12.2%。按品类拆分，运动类产品收入同比增长 7.6%至 92.13 亿元，占收入比为 71%，主要是中国大陆市场的运动服装需求上升所致； 休闲类产品收入同比增长 20%至 27.61 亿元，占收入比为 21.3%，主要是日本、 欧洲及其他市场对休闲服装的需求上升所致；内衣类产品收入同比增长 47.4%至 9.03 亿元，占收入比为 7.0%，主要是由于日本市场内衣需求增加；其他针织品 收入同比增长 12.2%至 1 亿元，占收入比为 0.8%。按地区划分，中国市场收入同 比增长 20%至 37.2 亿元，占收入比为 28.7%；欧洲市场收入同比增长 4.4%至 25.27 亿元，占收入比为 1 ...

2024 年 09 月 02 日 公司研究 评级：买入(维持) 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 证券分析师： 廖小慧 S0350524080002 liaoxh@ghzq.com.cn [Table_Title] 上半年订单修复，公司利润增长强劲 ——申洲国际（02313）2024H1 业绩点评 研究所： 最近一年走势 | --- | --- | --- | --- | |------------------------|-------|-------|-------------| | 相对恒生指数表现 | | | 2024/08/30 | | | | | | | | | | | | 市场数据 | | | 2024/08/30 | | 当前价格（港元） | | | 64.40 | | 52 周价格区间（港元） | | | 55.90-87.25 | | 总市值（百万港元） | | | 96,807.52 | | 流通市值（百万港元） | | | 96,807.52 | | 总股本（万股） | | | 150,322.24 | | 流通股本（万股） | | ...

份额持续提升，积极扩产招工 24H1 收入同增 12%，归母净利润同增 38% 24H1 归母净利润 29.3 亿同增 37.8%，利润增长主要系整体产能利用率同比 显著上升，海外新工厂规模扩大，效率持续提升。 董事会决定宣派中期股息每股港币 1.25 元，同比增长 31.6%，总计约 17.1 亿人民币，占 24H1 归母净利润 58.5%。 收入分客户，来自客户甲的收入 34 亿同增 34%（占总 26%），客户乙 32 亿同减 6%（占总 25%），客户丙 23 亿同增 24%（占总 18%），客户丁 13 亿同比基本持平（占总 10%）；前四大客户收入合计占比 79%。 收入分地区，中国大陆收入 37 亿同增 20%（占总 29%），欧盟 25 亿同增 4%（占总 19%），日本 21 亿同增 27%，美国 19 亿同增 3%，其他区域 27 亿同增 7%。 24H1 公司毛利率 29%同增 6.6pct，归母净利率 22.6%同增 4.2pct；24H1 销 售及分销开支占收入比例保持在 0.7%，行政开支占收入比例减少 0.6pct 至 7.3pct；订单需求恢复带动产能利用水平及利润率提升，海外 ...

证券研究报告·海外公司点评·纺织及服饰(HS) 申洲国际（02313.HK） 24H1 业绩点评：订单结构性修复，毛利率改 善超预期 2024 年 08 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|---------|-------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 27781 | 24970 | 27521 | 30432 | 33570 | | 同比 (%) | 16.51 | (10.12) | 10.22 | 10.58 | 10.31 | | 归母净利润（百万元） | 4563 | 4557 | 5831 | 6480 | 7189 | | 同比 (%) | 35.33 | (0.12) | 27.95 | 11.13 | 10.94 | | EPS- 最新摊薄（元 / 股） | 3.04 | 3.03 | ...

毛利率和盈利超预期，海外产能稳步扩张 买入（维持） 核心观点 ⚫ 公司发布 24H1 中报，实现营业收入 129.8 亿，同比增长 12%，实现归母净利润 29.3 亿，同比增长 38%，收入低于预期，盈利超预期。中报拟现金分红率为 59%。 ⚫ 运动类产品以及美国市场增长低于平均（影响 ASP），是收入低于预期的主要因 素。分产品来看，24H1 运动、休闲、内衣和其他针织品收入分别同比增长 8%、 20%、47%和 12%。分市场来看，24H1 中国、欧洲、美国、日本和其他市场收入 分别同比增长 20%、4%、3%、27%和 7%，日本市场增长较快，主要系日本市场 的休闲服装以及内衣服装需求上升所致。 ⚫ 毛利率大幅改善，带动盈利能力明显提升。1）24H1 毛利率同比增长 6.5pct 至 29%，主要原因包括：a、整体产能利用率同比明显提升；b、海外新工厂员工人数 达到了设定规模，且生产效率持续提升。2）24H1 政府补助和汇兑收益同比减少 0.74 亿和 1.68 亿，财务收入同比增加 2 亿；3）24H1 归母净利率同比增长 4.2pct 至 22.6%。 ⚫ 海外产能稳步扩张。截至 24H1，柬埔寨 ...

公司研究 上半年利润顺利修复，制造龙头扩产提效稳健前行 ——申洲国际（2313.HK）2024 年中期业绩点评 | --- | --- | --- | --- | |-------------------------------|-------------------------------|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 要点 | | 当前价： | 64.25 元港币 | | | | | | | 事件： | | 作者 | | | 上半年收入、归母净利润同比+12.2%、+37.8% | | 分析师：姜浩 | | | | | 执业证书编号： | S0930522010001 | | 申洲国际发布 2024 年中期业绩。公司上半年实现营业收入 129.8 亿 ...